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    Question

    Under Section 10 of SEBI Act, which of the following is

    transferred to the board from existing Securities and Exchange Board?                                       I.        all properties and assets, movable and immovable                                     II.        all rights and liabilities                                    III.        all sums of money due                                   IV.        all suits and other legal proceedings
    A I,II,III Correct Answer Incorrect Answer
    B I,III,IV Correct Answer Incorrect Answer
    C I,II,IV Correct Answer Incorrect Answer
    D II,III,IV Correct Answer Incorrect Answer
    E I,II,III,IV Correct Answer Incorrect Answer

    Solution

    Section 10 of SEBI Act – Transfer of assets, liabilities, etc., of existing Securities and Exchange Board to the Board— (1) On and from the date of establishment of the Board,— (a) any reference to the existing Securities and Exchange Board in any law other than this Act or in any contract or other instrument shall be deemed as a reference to the Board; (b) all properties and assets, movable and immovable, of, or belonging to, the existing Securities and Exchange Board, shall vest in the Board; (c) all rights and liabilities of the existing Securities and Exchange Board shall be transferred to, and be the rights and liabilities of, the Board; (d) without prejudice to the provisions of clause (c), all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for the existing Securities and Exchange Board immediately before that date, for or in connection with the purpose of the said existing Board shall be deemed to have been incurred, entered into or engaged to be done by, with or for, the Board; (e) all sums of money due to the existing Securities and Exchange Board immediately before that date shall be deemed to be due to the Board; (f) all suits and other legal proceedings instituted or which could have been instituted by or against the existing Securities and Exchange Board immediately before that date may be continued or may be instituted by or against the Board; and (g) every employee holding any office under the existing Securities and Exchange Board immediately before that date shall hold his office in the Board by the same tenure and upon the same terms and conditions of service as respects remuneration, leave, provident fund, retirement and other terminal benefits as he would have held such office if the Board had not been established and shall continue to do so as an employee of the Board or until the expiry of the period of six months from that date if such employee opts not to be the employee of the Board within such period.

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